Public Sector Pension Investment Board Grows Stake in Sonic Automotive, Inc. (NYSE:SAH)

Public Sector Pension Investment Board raised its stake in Sonic Automotive, Inc. (NYSE:SAH) by 6.1% during the second quarter, Holdings Channel reports. The fund owned 32,718 shares of the company’s stock after buying an additional 1,876 shares during the period. Public Sector Pension Investment Board’s holdings in Sonic Automotive were worth $1,782,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC purchased a new position in Sonic Automotive in the first quarter valued at about $30,000. Innealta Capital LLC bought a new stake in shares of Sonic Automotive in the second quarter valued at approximately $41,000. AM Squared Ltd bought a new stake in shares of Sonic Automotive in the second quarter valued at approximately $82,000. TFO Wealth Partners LLC raised its position in shares of Sonic Automotive by 35,366.7% in the fourth quarter. TFO Wealth Partners LLC now owns 2,128 shares of the company’s stock valued at $120,000 after purchasing an additional 2,122 shares during the period. Finally, Intech Investment Management LLC bought a new stake in shares of Sonic Automotive in the second quarter valued at approximately $228,000. 46.92% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Sonic Automotive

In other news, CFO Heath Byrd sold 19,827 shares of the stock in a transaction on Thursday, July 18th. The shares were sold at an average price of $60.00, for a total value of $1,189,620.00. Following the transaction, the chief financial officer now owns 173,618 shares of the company’s stock, valued at approximately $10,417,080. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders own 40.95% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently issued reports on SAH shares. Morgan Stanley raised shares of Sonic Automotive from an “underweight” rating to an “equal weight” rating and boosted their price target for the company from $40.00 to $58.00 in a research report on Wednesday, September 25th. Stephens started coverage on shares of Sonic Automotive in a research report on Thursday, September 12th. They issued an “equal weight” rating and a $64.00 price target on the stock. Needham & Company LLC initiated coverage on shares of Sonic Automotive in a research report on Tuesday, August 20th. They issued a “buy” rating and a $73.00 price target on the stock. JPMorgan Chase & Co. upped their target price on shares of Sonic Automotive from $63.00 to $75.00 and gave the stock an “overweight” rating in a report on Tuesday, September 10th. Finally, Bank of America decreased their target price on shares of Sonic Automotive from $68.00 to $67.00 and set a “buy” rating on the stock in a report on Monday, July 22nd. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $66.50.

Sonic Automotive Price Performance

Shares of NYSE:SAH opened at $58.48 on Tuesday. The company’s fifty day moving average price is $58.51 and its 200-day moving average price is $56.42. The firm has a market capitalization of $1.98 billion, a price-to-earnings ratio of 11.98 and a beta of 1.61. Sonic Automotive, Inc. has a one year low of $41.19 and a one year high of $64.68. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.10 and a quick ratio of 0.36.

Sonic Automotive (NYSE:SAH) last issued its quarterly earnings results on Monday, August 5th. The company reported $1.47 EPS for the quarter, topping analysts’ consensus estimates of $1.38 by $0.09. The firm had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.56 billion. Sonic Automotive had a net margin of 1.35% and a return on equity of 25.31%. The business’s revenue for the quarter was down 5.5% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.83 EPS. On average, equities research analysts anticipate that Sonic Automotive, Inc. will post 5.79 earnings per share for the current fiscal year.

Sonic Automotive Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Tuesday, October 15th. Stockholders of record on Friday, September 13th will be issued a $0.30 dividend. This represents a $1.20 dividend on an annualized basis and a dividend yield of 2.05%. The ex-dividend date of this dividend is Friday, September 13th. Sonic Automotive’s payout ratio is 24.59%.

Sonic Automotive Company Profile

Sonic Automotive, Inc operates as an automotive retailer in the United States. It operates in three segments, Franchised Dealerships, EchoPark, and Powersports. The Franchised Dealerships segment is involved in the sale of new and used cars and light trucks, and replacement parts; provision of vehicle maintenance, manufacturer warranty repair, and paint and collision repair services; and arrangement of extended warranties, service contracts, financing, insurance, and other aftermarket products for its guests.